Petrolimex Joint-Stock Insurance Company (abbreviated as PJICO) was established on 15 June 1995 with charter capital VND53 Billion. Since its establishment, PJICO has constantly developed and by now ranked the fourth position in Vietnam non-life insurance market. To be the first ever joint - stock insurance company in Vietnam. At present PJICO has a wide network of 50 branches throughout the country with 1,000 staff and more than 4,500 agents, offering customers with more than 80 non-life insurance products. In 2007, Pjico had completed procedures to increase charter capital to VND336 Billion. Through increase of charter capital and expansion of business performance over last time, the reputation of Pjico became better in the mind of customers and together with other domestic insurers continuously holding major market share of non-life insurance market.

However, same as other insurers, from time to time Pjico is now facing with gradual and fierce competition from both domestic and foreign insurers, especially when Vietnam joined WTO and must realize his commitments to open domestic insurance market in general, that give more favor conditions without any limitation for business performance of foreign insurers who have huge financial capability and long experiences. The fierceness of competition could be shown through the increase of number non-life insurers from only one insurer (Baoviet) from beginning of insurance industry in Vietnam but now there are around 30 non-life insurance companies and 10 brokers, expectedly such figures shall increase more in the future. As a result, insurers are not only competing with each other but also must compete with brokers and even other financial institutes to supply services to customers. In order to gain competitive advantage over other competitors, among the solutions improving distribution channels aim at giving products, service to customers in short time at lower cost is one of good way. In fact, over the last time, in the world as well as in Vietnam, Bancassurance was considered to be the emerging of efficient distribution channel which could replace the traditional channel to distribute insurance product from supplier to customers. The success of many insurance companies in adopting this distribution channel were encouraging lesson to any insurer, who need to think seriously about future business performance. In fact, over the last time Pjico itself already had experience of adopting Bancassurance in joint venture with bank though it was limited to simplest form of Bancassurance.

In addition, recently many studies, reports, analysis…conducted by reputable companies, experts, Insurance association, consulting companies…showing notable result of Bancassurance performance as well as description of each Bancassurance model, characteristics and mechanism of operation could be regarded as methodological basis for any follower who want to adopt this model successfully in their own context.